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Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
 Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the industry, but so far it seems that those who feared of major problems for global shipping have not been verified and it looks like we have avoided the destructive consequences. Lack of availability of the VLSFO, massive breakdowns of main engines from poor blends, detentions from non-compliance where just some of the warnings and the possible problems that many were expecting, and none of it has happened so far, at least to a widespread extent. It hasn't been smooth, but fortunately there hasn't been any disruption of the world trade.
Unavailability of the fuel which was for a long time the biggest concern does not seem to be an issue; compliant fuels are available and supply will only improve. Also, although it may be too soon to spot a pattern from the incompatibility from the fuel blends, so far there have been no major events.
From the world fleet of thousands of vessels, we have the first reported cases of breaches of compliance with the IMO2020, as the Chinese authorities have caught two vessels for low sulphur fuel violations. There can be fines or detentions but I would guess that it is still too early and the authorities are still a bit lenient on imposing strict penalties.
The biggest problem is the price of the fuel, which is very similar to MGO and very close to the highest levels that the shipowners have ever paid for heavy fuel. This is not entirely an IMO2020 effect, the high oil prices are mostly courtesy of the trade wars, torpedo attacks, air strikes, missile strikes and the other events that sent the oil price to the recent highs. However, the spread between the compliant fuels and the HFO, which is currently getting cheaper, has peaked from $280/mt up to more than $400/mt in some major bunkering ports and the fact is that most owners are experiencing high and uncertain heavy fuel oil price levels.
So this is good news for those owners who rushed to install scrubbers, invested millions and suffered 60 days or more of lost earnings. It's payback time for them as they get better charter rates and see their investment's payback time to get shorter and shorter.
We expect the 0.5% compliant fuel to get increasingly cheaper as more of the product becomes available, refinery inventory builds up, and as more companies and tankers/barges start delivering it. Furthermore, according to news agency Reuters, China has approved a long-awaited tax waiver on exports of the compliant fuel, paving the way for Chinese refiners to boost production of the 0.5%. Although initially shipments will focus on the coastal marine fuel market, this tax waiver will definitely impact both the supply and the price of the VLSFO.
Global shipping is a beast, an enormous organism, that at first seems to be very slow to react, but in fact once again it has proven to be very flexible and relatively quick in adapting. Most shipowners have been operationally well prepared in making the transition smooth and are now ready to focus in the commercial side of things and the shipping market itself.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- The University of Queensland
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
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